Answer Posted / sandhya shetty
An audit is an accounting procedure under which the
financial records of a company or individual are closely
inspected to make sure that they are accurate.
There are two primary types of audit: internal audits and
independent(external)audits .
Regardless as to the type of audit, it should be assumed
that an audit will be performed without bias. In the case
of an internal audit, this can be difficult, because an
internal audit is carried out by the accounting staff of
the company concerned. Generally, an internal audit can
only successfully be carried out by a large accounting
department, because auditors cannot audit records to which
they contributed. Internal audits are usually carried out
on a regular basis by large companies to ensure that their
finances are in order, and if the company is publicly
traded, audit reports are available for inspection by
stockholders.
An independent or external audit is carried out by a
neutral third party, such as a professional accounting firm
which specializes in audits.
Regards,
Sandhya shetty
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